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Unformatted text preview: CHAPTER 2 Financial Statements and the Annual Report OVERVIEW OF EXERCISES, PROBLEMS, AND CASES Estimated Time in Learning Outcomes Exercises Minutes Level 1. Describe the objectives of financial reporting. 2. Describe the qualitative characteristics of accounting information. 1 10 Easy 3. Explain the concept and purpose of a classified balance sheet 2 10 Easy and prepare the statement. 9* 10 Mod 4. Use a classified balance sheet to analyze a companys financial position. 5. Explain the difference between a singlestep and a 3 10 Easy multiplestep income statement and prepare each type 4 10 Mod of income statement. 9* 10 Mod 10* 15 Mod 11* 5 Easy 6. Use a multiplestep income statement to analyze a 5 10 Easy companys operations. 10* 15 Mod 11* 5 Easy 7. Identify the components of the statement of retained earnings and prepare the statement. 6 10 Mod 9* 10 Mod 8. Identify the components of the statement of cash flows and 7 10 Easy prepare the statement. 9. Read and use the financial statements and other elements 8 20 Diff in the annual report of a publicly held company. *Exercise, problem, or case covers two or more learning outcomes Level = Difficulty levels: Easy; Moderate (Mod); Difficult (Diff) 21 22 FINANCIAL ACCOUNTING SOLUTIONS MANUAL Problems Estimated and Time in Learning Outcomes Alternates Minutes Level 1. Describe the objectives of financial reporting. 12* 45 Diff 2. Describe the qualitative characteristics of accounting information. 1 15 Diff 2 15 Mod 10* 35 Mod 11* 20 Mod 3. Explain the concept and purpose of a classified balance sheet 3 50 Mod and prepare the statement. 4. Use a classified balance sheet to analyze a companys 4 20 Easy financial position. 5 15 Mod 10* 35 Mod 12* 45 Diff 5. Explain the difference between a singlestep and a 6 30 Mod multiplestep income statement and prepare each type 7 45 Mod of income statement. 11* 20 Mod 6. Use a multiplestep income statement to analyze a 35 Mod companys operations. 7. Identify the components of the statement of retained earnings and prepare the statement. 8. Identify the components of the statement of cash flows and 8 30 Mod prepare the statement. 12* 45 Diff 9. Read and use the financial statements and other elements 9 30 Diff in the annual report of a publicly held company. *Exercise, problem, or case covers two or more learning outcomes Level = Difficulty levels: Easy; Moderate (Mod); Difficult (Diff) CHAPTER 2 FINANCIAL STATEMENTS AND THE ANNUAL REPORT 23 Estimated Time in Learning Outcomes Cases Minutes Level 1. Describe the objectives of financial reporting. 2. Describe the qualitative characteristics of accounting information. 5 30 Mod 3. Explain the concept and purpose of a classified balance sheet and prepare the statement....
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 Spring '07
 Largay
 Financial Accounting

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